I am against this proposal. This would raise the fees to the point RenVM is no longer competitive. It would discourage even more integrations. Below are exchange fees for 2020 for a comparison. Ren is in its growth phase. Lets not kill it please
I will look at withdrawal fees. I remember some months ago when the gas was really high, Binance said that it was losing money on withdrawals. it was charging less than the current rate of gas fees.
I am in favor of fees being raised, now is the time. If we aren’t trying to raise after what is in on pace for being our top epoch yet, then when would raising ever happen? Bottom line . The huge mints( from whales ) many of them don’t want kyc. And they happily pay extra for that factor
Totally Against. We need to increase velocity!!! It is obvious btc rewards have been trending down literally every epoch yet we’re trying to milk our existing users? C’mon. In early stages you need growth not profit maximization. The mint fee needs to be .2% max perhaps .15%. jumping up to .25% was ridiculous.
Trailing average of mint volume has been increasing even with the fee increases. Since our revenue has been positively impacted, we should continue increasing mint fees as to follow your framework that you set out for the community in RIP 000-001.
May increase TVB as it attracts more investors if fee revenues continue to go up
Cons:
May drive users to use other solutions
May discourage minting which will bring down fee revenues
Between the pros and cons, I am in favor of increasing the mint fee because it’s still early, there are no true strong competitors and the effect of the CONS are correctible in a subsequent epoch. Basically, if it proves to be a bad decision, it’s reversible. Just like what Michael Jordan said, “You miss 100% of the shots you don’t take.”
I am in favor with the understanding that this is experimental for data collection purposes and can be rolled back in the event there is backlash from users or a significant decrease in volume.
Does this affect other host chains as well? i.e. Is it possible to keep the mint fee for renBTC on Ethereum .3% but mint fee on all other host chains .1% to start with? (BSC, Polkadot/substrate, etc…). Or am I misunderstanding that?
Really? when was the last time we had a 1000 BTC mint, or even a 500 BTC mint? Not since the fees were raised. Also, the arbitrage bot stopped minting immediately after the mint fees were raised although it continued to burn at the original fees.
-Total BTC on ethereum: almost equal
-wbtc on ethereum: up
-renbtc on ethereum: firmly down
Market share, network effect, in my view the only way to make the net safe is growing TVL to stronger numbers and generating possitive feedback to price, addoption, income, nodes. This is the time to test it.
After reading a few posts in here I realized my post has a small flaw, I did not take into consideration that we also had many new nodes joining the network at each epoch which reduced the revenue share, while mints did not go down as @preston pointed out. My bad.
I see no harm in exploring every avenue and have no issues with this raise of mint fees, I do however remain in my initial position to not be in favor simply because I am of the belief focus should be on incentivizing burns and velocity, not reducing mints.
“This route of increasing mints seems like we are just decreasing revenue.”
Can’t agree more. We should be aiming to increase our btc per epoch rewards…C’mon